Medicare is the best deal for most seniors, and once you have turned 65 years of age you are eligible to get this insurance. The one downside to this coverage is that it only pays approximately 80 percent of your medicals bills. This gap of 20 percent can be covered partially or completely with a supplemental insurance policy for Medicare. They are a great deal and should be taken advantage after you enroll in Medicare. You only have six months to purchase a supplemental policy, so you will need to compare Medigap Plans and decide which is best for you.
There are several plans to choose from, and because each plan is determined by federal law, they will be the same regardless of which company you choose to purchase from. Insurance companies are not allowed to factor in your health condition when you apply for a Medicare supplemental policy, so as long as you keep your premium payments current, your policy cannot be cancelled. Your premiums cannot be increased either, so purchasing a supplement policy makes good financial sense.
Because the plans do not vary, the first step is to decide which one you want, and then have several companies give you a quotation. Insurance companies compete on price; to get the best deal, you need to know which plan you are interested in.
For the purpose of quotations, you do not have to limit yourself to one plan, but make sure to compare prices from each company for the same plan.
To make the supplemental plans easy to identify, the government has given them letter designations. Currently, there are 10 plans that are given letter designations. Plan A is important to understand because it is the most basic plan. All other Medicare supplemental plans contain what plan A does but with additional coverage.
Plan A covers four basic areas: Medicare Part A copayment and your stay at a hospital for up to one year after Medicare coverage lapses, Medicare hospice copayment, Medicare Part B copayment and the first three pints of blood. Medicare supplemental Plan B takes everything provided in Plan A and adds coverage for the Medicare Part A deductible. These basic plans may be enough for you, but plans with more coverage may be more cost effective in the long run.
The most popular Medicare supplemental plans are F and G. Both of these plans have extensive coverage. The one main difference in coverage is that Plan F pays for the deductible for Medicare Part B. However, this slight difference in additional coverage under Plan F is often negated by lower premiums for Plan G. If you want maximum coverage, it is best to focus on both of these plans.
Once you have decided on which plan you are most interest in, the next step is a quotation. When you compare Medigap Plans, you want to get the best quotes possible. This is where using a service from a company such as this website is a huge time saver. Here, you can enter your information one time and have them compare quotes from many companies at once. This assures that you will be getting the lowest price quotations available.